PhoneFactor, a provider of out-of-band authentication services, has partnered with Fiserv to provide phone-based user authentication through the Corillian Online banking solution.

The new phone-based authentication option will be integrated into Intelligent Authentication from Fiserv, a multi-factor user authentication tool that is available to financial institutions that use Corillian Online banking solution.

According to PhoneFactor, Intelligent Authentication allows financial institutions to offer both passive and active user authentication options in addition to a traditional user name and password, reducing the risk of fraud and identity theft in the online channel.

PhoneFactor will provide Fiserv clients with integrated multi-factor authentication services, including user authentication and transaction verification services.

Geoff Knapp, vice president for online banking and consumer insights at Fiserv, said: “Our partnership with PhoneFactor will enable financial institutions that use Corillian Online and Intelligent Authentication to provide their account holders with a phone-based authentication option, giving them another tool to protect themselves against fraud.”

Tim Sutton, CEO of PhoneFactor, said: “We believe this relationship will extend Fiserv’s technology leadership position by further strengthening its highly secure application for the financial services industry.”